| 总结: | This research aims to test whether tax policy has an influence on the
level of savings in Indonesia. The implication of the analysis is expected to
be a contribution to tax policy making process in Indonesia, particularly in
analyzing the effectiveness of the taxes on savings, which is currently
applied in the �witholding system� with a rate of 20%, relatively higher than
the progressive income tax rates for individual which the lowest layer is 5%.
To achieve this objective, the research was conducted to: 1) test the
model estimates to see the effect of the selected variables on the level of
savings in Indonesia, 2) calculate the influence of regional variables on the
level of savings in Indonesia, and 3) calculate the elasticity of changes in
income tax and VAT on savings rate in Indonesia which will be used in
making tax policy scenarios.
The results of this study concluded that, first, the variables that have
an effect on the savings rate in Indonesia are tax variables (total tax, income
tax and VAT) and non-tax variables (population growth and level of school
enrollment), whereas variable real interest rate had no effect. Variable of
total tax, VAT, and level of school enrollment had positive effect on the
savings rate in Indonesia. While the variable of Income tax and population
growth had a negative impact on the level of savings in Indonesia. Based on
the identification of variable of PPh, this research shows that for the case of
Indonesia, PPh Article 21 coupled with Article 25/29 of Personal Tax Payer
can be used as a proxy for the variable of personal income tax.
The second conclusion shows that for the case of Indonesia, the
variable of region has an influence on the level of savings, which is an area
with a better banking infrastructure has a positive influence on the level of
savings. Third, according to the results of the calculations in this study, the
value of the elasticity of income tax on the savings rate is -0.20 and the
elasticity of VAT on the savings rate is 0.46. Based on the value of the
elasticity of Income Tax and VAT, the government can employ tax policies
as a tool to influence the level of savings rate. If the government intends
going to stimulate the growth rate of savings rate, the government can lower
its tax rates on interest on savings or even remove it.
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